CIK: 0002078832
Total reported value
$41.7M
Reporting period: 2026-03-31 · Number of holdings: 21
Q Fund Management (Hong Kong) Ltd disclosed 21 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $41.7M and a quarterly turnover rate of 166.8%.
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Q Fund Management (Hong Kong) Ltd's disclosed holdings carry a Herfindahl concentration index of 0.177 — mathematically equivalent to about 6 equally-sized positions, well below its 21 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.69), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 7.4 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Sector classification currently covers about 8% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add SNDK
-66.7% -$791.0K
Trim INTC
-88.0% -$6.6M
Add IEF
0.0% -$18.0K
Add WULF
+58.3% $272.6K
Add OXY
0.0% $143.3K
Add PDD
+60.0% $125.2K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | LITE | Lumentum Holdings INC | Stock-Tech | 30.00% | +30.00% | NEW | |
| 2 | AXTI | Axt INC | Stock-Other | 16.98% | +16.98% | NEW | |
| 3 | TSEM | Tower Semiconductor Ltd. | Stock-Tech | 16.92% | +16.92% | NEW | |
| 4 | SNDK | Sandisk CORP | Stock-Tech | 15.69% | +8.80% | -66.67% | |
| 5 | IEF | Ishares 7-10 Year Treasury B | ETF-Gov Bonds | 5.72% | +3.46% | — | |
| 6 | INTC | Intel CORP | Stock-Tech | 2.65% | -4.55% | -87.97% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.72% | +0.46% | -41.86% | |
| 8 | AAOI | Applied Optoelectronics INC | Stock-Tech | 1.62% | +1.62% | NEW | |
| 9 | BE | Bloom Energy Corp- A | Stock-Industrials | 1.40% | +1.40% | NEW | |
| 10 | WULF | Terawulf INC | Stock-Financials | 1.31% | +1.05% | +58.33% | |
| 11 | TPL | Texas Pacific Land CORP | Stock-Energy | 1.14% | +1.14% | NEW | |
| 12 | PDD | Pdd Holdings INC | Stock-Consumer Disc | 0.98% | +0.71% | +60.00% | |
| 13 | OXY | Occidental Petroleum CORP | Stock-Energy | 0.94% | +0.71% | — | |
| 14 | SOLS | Solstice Adv Materials INC | Stock-Materials | 0.91% | +0.91% | NEW | |
| 15 | UBER | Uber Technologies INC | Stock-Industrials | 0.69% | +0.46% | +33.33% | |
| 16 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.50% | +0.07% | -50.00% | |
| 17 | NKE | Nike INC -cl B | Stock-Consumer Disc | 0.38% | +0.20% | — | |
| 18 | TLT | Ishares 20+ Year Treasury Bd | ETF-Gov Bonds | 0.21% | +0.13% | — | |
| 19 | DEO | Diageo Plc-sponsored Adr | Stock-Consumer Staples | 0.09% | +0.05% | — | |
| 20 | MSFT | Microsoft CORP | Stock-Tech | 0.09% | +0.09% | NEW | |
| 21 | LULU | Lululemon Athletica INC | Stock-Consumer Disc | 0.07% | +0.07% | NEW |
Performance for Q3 2026
-12.3%
Performance Last 4 Quarters
+5.5%
Based on 66% of reported portfolio value with available pricing
Q Fund Management (Hong Kong) Ltd's most significant position changes for 2026-03-31: Sold out: Alphabet Inc-cl C (GOOG); Sold out: Tesla INC (TSLA); New buy: Lumentum Holdings INC (LITE); Sold out: Coherent CORP (COHR); Sold out: Robinhood Markets INC - A (HOOD).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SNDK | Sandisk CORP | +8.8% | -66.67% | Trim |
| 2 | IEF | Ishares 7-10 Year Treasury B | +3.5% | — | Unchanged |
| 3 | WULF | Terawulf INC | +1.1% | +58.33% | Add |
| 4 | OXY | Occidental Petroleum CORP | +0.7% | — | Unchanged |
| 5 | PDD | Pdd Holdings INC | +0.7% | +60.00% | Add |
| 6 | GOOGL | Alphabet Inc-cl A | +0.5% | -41.86% | Trim |
| 7 | UBER | Uber Technologies INC | +0.5% | +33.33% | Add |
| 8 | NKE | Nike INC -cl B | +0.2% | — | Unchanged |
| 9 | TLT | Ishares 20+ Year Treasury Bd | +0.1% | — | Unchanged |
| 10 | AMZN | Amazon.com INC | +0.1% | -50.00% | Trim |
| 11 | DEO | Diageo Plc-sponsored Adr | +0.1% | — | Unchanged |
| 12 | INTC | Intel CORP | -4.6% | -87.97% | Trim |
| 13 | GOOG | Alphabet Inc-cl C | — | EXIT | Sold out |
| 14 | TSLA | Tesla INC | — | EXIT | Sold out |
| 15 | LITE | Lumentum Holdings INC | — | NEW | New buy |
| 16 | COHR | Coherent CORP | — | EXIT | Sold out |
| 17 | HOOD | Robinhood Markets INC - A | — | EXIT | Sold out |
| 18 | MU | Micron Technology INC | — | EXIT | Sold out |
| 19 | AXTI | Axt INC | — | NEW | New buy |
| 20 | TSEM | Tower Semiconductor Ltd. | — | NEW | New buy |
| 21 | AFRM | Affirm Holdings INC | — | EXIT | Sold out |
| 22 | IBIT | Ishares Bitcoin Trust ETF | — | EXIT | Sold out |
| 23 | GDX | Vaneck Gold Miners ETF | — | EXIT | Sold out |
| 24 | DQ | Daqo New Energy Corp-adr | — | EXIT | Sold out |
| 25 | UNH | Unitedhealth Group INC | — | EXIT | Sold out |
| 26 | HODL | Vaneck Bitcoin ETF | — | EXIT | Sold out |
| 27 | ETHW | Bitwise Ethereum ETF | — | EXIT | Sold out |
| 28 | ARKB | Ark 21shares Bitcoin ETF | — | EXIT | Sold out |
| 29 | AAOI | Applied Optoelectronics INC | — | NEW | New buy |
| 30 | RDDT | Reddit Inc-cl A | — | EXIT | Sold out |
| 31 | SNOW | Snowflake INC | — | EXIT | Sold out |
| 32 | BE | Bloom Energy Corp- A | — | NEW | New buy |
| 33 | MDB | Mongodb INC | — | EXIT | Sold out |
| 34 | EQT | Eqt CORP | — | EXIT | Sold out |
| 35 | APP | Applovin Corp-class A | — | EXIT | Sold out |
| 36 | ETH | Grayscale Ethereum Staking M | — | EXIT | Sold out |
| 37 | TPL | Texas Pacific Land CORP | — | NEW | New buy |
| 38 | META | Meta Platforms Inc-class A | — | EXIT | Sold out |
| 39 | IE | Ivanhoe Electric INC / US | — | EXIT | Sold out |
| 40 | SOLS | Solstice Adv Materials INC | — | NEW | New buy |
| 41 | MSFT | Microsoft CORP | — | NEW | New buy |
| 42 | LULU | Lululemon Athletica INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-29 | Amendment | View on EDGAR |
| 2026-03-31 | 2026-04-24 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-14 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-04 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-08-14 | 13F-HR | View on EDGAR |
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